Selling Dominates Session
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Internet issues finished lower amid profit taking and concerns over the supply of Net shares out-stripping demand. Volume remained light as investors were logging off and preparing to enter the new millennium.
internet.com's Internet Stock Index fell 11.50, or 1.32 percent, to 857.24, the Nasdaq Composite dropped 4.60 to 4036.86 and the Dow Jones industrial average gave up 31.80 to 11452.86.
Priceline.com (PCLN) lost 3-13/16 to 46-3/4. PCLN has 11.58 million shares coming out of "lockup" in the next month. Investors are driving the stock down as the extra shares will upset the stock's supply vs. demand advantage.
On a brighter note, after selling 1 million grocery items in its first 40 days, the Priceline WebHouse Club took only half that time, 20 days, to sell an additional 1 million items, bringing the total to 2 million items in just its New York metropolitan area launch.
CMGI (CMGI) lost 7 to 268-13/16/ CMGI's majority owned, ad-supported free Internet access solutions company, 1stUp.com reported a 30 percent increase in the total hours consumers accessed its network during the month of December, as compared to November.
"Increasingly, consumers are dropping their fee-based Internet service providers for our affiliate-branded free offerings, like AltaVista Free Access...consumers are beginning to realize they no longer need to pay for an easy-to-use, complete dial-up Internet service offering," said Charles Katz, president and CEO of 1stUp.com.
Internet Capital Group (ICGE) gained 3/4 to 165-1/4. Steel maker Weirton Steel Corp. on Wednesday announced it had sold a portion of its stake in online steel commerce business MetalSite LP to ICGE for roughly $180 million.
Due to the New Year's holiday the markets will close at 1pm ET on Friday, December 31st. See you tomorrow on the eve of a new millennium!
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